Question # 1

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

There are large number of seller and buyers in the market but none is able to influence market price. such a market is called

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free

open

regular

competitive

When price elasticity of demand for normal goods in calculated, the value is always

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positive

negative

constant

greater than one

Commercial economics are a pat of:

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Internal economics

External economics

Economies of scale

None of the three

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

Which of the following is capital

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toy of a child

plough of the farmer

calculator of the student

novel book in the library

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

A firm attains sub-normal profit under perfect competition when its:

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AR = P (Price)

AR < P

AC = P

AC < P

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called

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economies of scale

diseconomies of scale

diminishing marginal returns

negative economies

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

increase in natural resources

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

An important factor which promotes large scale production is:

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Extant of market

Revolutionary changes in social life

Culture and civilization

All the three

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